Bitcoin started the new week in an uptrendsignaling a return of bullish sentiment among crypto investors. This bullish sentiment has continued to drive the price, with $70,000 remaining the main target from here. According to one analyst, this recovery signals an entry into the final wave, which is Wave 5, which could send the BTC price back to its ATH price.
Bitcoin Price Could Reach $72,000, Says Analyst
On a TradingView publishcrypto analyst Arthur Signals shared an interesting analysis of the price of Bitcoinsaying that the cryptocurrency has entered the final Wave 5. The analysis goes through BTC’s performance in the month of July, identifying the beginning of Wave 1, when the price rose for the first time from its lows below $54,000.
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Moving forward, Wave 2 occurred with the drop from $60,000 to $56,000. Wave 3 followed shortly thereafter with a rise above $65,000, while Wave 4 was the decline to $63,000 recorded over the weekend.
The current leaves only Wave 5, which is usually the most optimistic of all waves. With this final wave, the crypto analyst expects the price of Bitcoin to eventually surpass $70,000 and climb towards its current all-time high of $73,000.
However, for the price of BTC To properly complete this move, it needs to break the $68,275 peak recorded on Sunday. From here, the Bitcoin price would need to create a new peak to confirm the breakout, which has a target of $72,000 from the crypto analyst.
Global events that could make BTC price skyrocket
Although the wave formations on the Bitcoin chart paint a bullish picture for the pricethere are also other developments that are bullish for the price, and one of them is the US presidential election. On Sunday, current President Joe Biden announced that he was withdrawing from the race, giving his support to Vice President Kamala Harris to run on the Democratic ticket.
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This development has so far been bullish as the market now expects a victory for Donald Trump, who has been open about his support for cryptocurrencies. “Biden’s announcement, after some unexpected volatility, gave Bitcoin Bullish Momentum as the market strengthens its confidence in a Republican election victory,” Arthur Signals noted in the post.
If Trump emerges victorious in the election, which is scheduled for November, it will be a positive development for crypto. Trump has expressed support for Bitcoin, suggesting using it for treasury purposes. This, in addition to rumors that Trump is considering BlackRock CEO Larry Fink as Treasury Secretary, has generated bullish expectations for Bitcoin this year.
Featured image created with Dall.E, chart from Tradingview.com